The invention disclosed herein relates to an electronic trading system for trading forwards, particularly electricity forwards, and to certain features implemented by the electronic system which also have application in trading systems for other interests.
Electricity forwards, i.e., future commitments with regards to prices and quantities of electrical energy to be provided for which terms are established in the present, are traded directly between a buyer and a seller without an exchange. The use of electronic systems was recently introduced into the trading of electricity forwards. Two such electronic systems are Streamline and HoustonStreet.com. HoustonStreet.com is an e-commerce, Internet-based system which allows anonymous matching between traders until a binding trade is reached. More information about HoustonStreet.com may be found on its Web site, www.houstonstreet.com
There have been tremendous advances in electronic trading of commodities. However, the commodities industry is seeking still further advances in speed, reliability and ease of use. These demands for technical advances apply to forwards trading as well, and there is a need in forwards trading for advances in electronic trading beyond those offered by Streamline and HoustonStreet.com.